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1969 Philippine Balance Of Payments Crisis
The 1969 Philippine balance of payments crisis was a currency crisis experienced by the Philippine economy as a result of heavy government spending linked to Ferdinand Marcos 1969 presidential campaign, Ferdinand Marcos' campaign for his second presidential term in 1969. It was notable for being the first major economic crisis of the Marcos Administration, and for triggering the social unrest which was the rationalization for the proclamation of martial law in 1972. Background Ferdinand Marcos had been inaugurated as 10th President of the Republic of the Philippines on December 30, 1965. In 1969, he was eligible to run for a second term. However, no post-independence president of the republic had ever been elected to a second term. Although deficit spending during his first term already created an impression of success, making Marcos was a very popular president at the end of his first term, his desire to be the first to win a second term led to the launch of US$50 million wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philippine Economy
The economy of the Philippines is the world's 32nd largest economy by nominal GDP according to the International Monetary Fund 2021 and the 12th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the fastest-growing emerging markets, and the 3rd highest economy in Southeast Asia by nominal GDP, following Thailand and Indonesia. The Philippines is considered a newly industrialized country, which has an economy in transition from one based on agriculture to one based more on services and manufacturing. As of 2021, its GDP by purchasing power parity was estimated at $1.47 trillion, the 18th largest in the world. The country's primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ferdinand Marcos 1969 Presidential Campaign
The 1969 reelection campaign of Ferdinand Marcos, the 10th president of the Philippines, started in July 1969 when incumbent President Ferdinand Marcos was unanimously nominated as the Presidential candidate of the Nacionalista Party, and concluded when the 1969 Philippine presidential election concluded with Marcos winning an unprecedented second full term as President of the Philippines. With Fernando Lopez as his vice president, he ran against the Liberal Party slate of Sergio Osmena Jr. and Genaro Magsaysay. Background Ferdinand Marcos won his first campaign for the Philippine Presidency in November 1965, and was inaugurated just before New Year's Day in December the same year. Under the 1935 Constitution of the Philippines which was in force at the time, Marcos was supposed to be allowed a maximum of two four year terms as president. Formal Nomination The formal beginning of the 1969 campaign can be dated to the July 1969 meeting of the Philippines' Nacionalista Party, in whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Crisis
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Howe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martial Law
Martial law is the imposition of direct military control of normal civil functions or suspension of civil law by a government, especially in response to an emergency where civil forces are overwhelmed, or in an occupied territory. Use Martial law can be used by governments to enforce their rule over the public, as seen in multiple countries listed below. Such incidents may occur after a coup d'état ( Thailand in 2006 and 2014, and Egypt in 2013); when threatened by popular protest (China, Tiananmen Square protests of 1989); to suppress political opposition ( martial law in Poland in 1981); or to stabilize insurrections or perceived insurrections. Martial law may be declared in cases of major natural disasters; however, most countries use a different legal construct, such as a state of emergency. Martial law has also been imposed during conflicts, and in cases of occupations, where the absence of any other civil government provides for an unstable population. Examples of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republika sang Filipinas * ibg, Republika nat Filipinas * ilo, Republika ti Filipinas * ivv, Republika nu Filipinas * pam, Republika ning Filipinas * krj, Republika kang Pilipinas * mdh, Republika nu Pilipinas * mrw, Republika a Pilipinas * pag, Republika na Filipinas * xsb, Republika nin Pilipinas * sgd, Republika nan Pilipinas * tgl, Republika ng Pilipinas * tsg, Republika sin Pilipinas * war, Republika han Pilipinas * yka, Republika si Pilipinas In the recognized optional languages of the Philippines: * es, República de las Filipinas * ar, جمهورية الفلبين, Jumhūriyyat al-Filibbīn is an archipelagic country in Southeast Asia. It is situated in the western Pacific Ocean and consists of around 7,641 islands t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Payments
In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world. These financial transactions are made by individuals, firms and government bodies to compare receipts and payments arising out of trade of goods and services. The balance of payments consists of two components: the current account and the capital account. The current account reflects a country's net income, while the capital account reflects the net change in ownership of national assets. History Until the early 19th century, international trade was heavily regulated and accounted for a relatively small portion compared with national output. In the Middle Ages, European trade was typically regulated at municipal level in the interests of security for local industry an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Import Substitution Industrialization
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production.''A Comprehensive Dictionary of Economics'' p.88, ed. Nelson Brian 2009. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich ListMehmet, Ozay (1999). ''Westernizing the Third World: The Eurocentricity of Economic Development.'' London: Routledge. and Alexander Hamilton.Chang, Ha-Joon (2002). ''Kicking Away the Ladder: Development Strategy in Historical Perspective.'' London: Anthem Press. ISI policies have been enacted by developing countries with the intention of producing development and self-sufficiency by the creation of an internal market. The state leads economic development by nationalizat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Export-oriented Industrialization
Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries. However, this may not be true of all domestic markets, as governments may aim to protect specific nascent industries so they grow and are able to exploit their future comparative advantage and in practice the converse can occur. For example, many East Asian countries had strong barriers on imports from the 1960s to the 1980s. Reduced tariff barriers, a fixed exchange rate (a devaluation of national currency is often employed to facilitate exports), and government support for exporting sectors are all an example of policies adopted to promote ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Term Of The Presidency Of Ferdinand Marcos
Ferdinand Marcos' second term as President of the Philippines began on December 30, 1969, as a result of his winning the 1969 Philippine presidential election on November 11, 1969. Marcos was the first and last president of the Third Philippine Republic to win a second full term. The end of Marcos' second term was supposed to be in December 1973, which would also have been the end of his presidency because the 1935 Constitution of the Philippines allowed him to have only two four-year terms. However, Marcos issued Proclamation 1081 in September 1972, placing the entirety of the Philippines under Martial Law and effectively extending his term indefinitely. He would only be removed from the presidency in 1986, as a result of the People Power Revolution. Marcos’ first term, from 1965 to 1969, had been relatively successful, marked by industrialization, infrastructure development, and an increase in rice production. But in order to win his second term, which would be from 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Quarter Storm
The First Quarter Storm ( fil, Sigwa ng Unang Sangkapat), often shortened into the acronym FQS, was a period of civil unrest in the Philippines which took place during the "first quarter of the year 1970". It included a series of demonstrations, protests, and marches against the administration of President Ferdinand Marcos, mostly organized by students and supported by workers, peasants, and members of the urban poor, from January 26 to March 17, 1970. Protesters at these events raised issues relating to social problems, authoritarianism, alleged election cheating, and corruption under Marcos. Violent dispersals of various FQS protests were among the first watershed events in which large numbers of Filipino students of the 1970s were radicalized against the Marcos administration. Due to these dispersals, many students who had previously held "moderate" positions (i.e., calling for legislative reforms) became convinced that they had no choice but to call for more radical social ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presidency Of Ferdinand Marcos
A presidency is an administration or the executive, the collective administrative and governmental entity that exists around an office of president of a state or nation. Although often the executive branch of government, and often personified by a single elected person who holds the office of "president", in practice, the presidency includes a much larger collective of people, such as chiefs of staff, advisers and other bureaucrats. Although often led by a single person, presidencies can also be of a collective nature, such as the presidency of the European Union is held on a rotating basis by the various national governments of the member states. Alternatively, the term presidency can also be applied to the governing authority of some churches, and may even refer to the holder of a non-governmental office of president in a corporation, business, charity, university, etc. or the institutional arrangement around them. For example, "the presidency of the Red Cross refused to support h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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